(Bloomberg) -- The United Arab Emirates’ largest power producer plans to cut exposure to its oil and natural gas assets and shift to greater use of renewables for power as part of a strategic reorganization.
Abu Dhabi National Energy Co., which last year merged and took on the power generation assets of another government-owned utility, will boost its UAE electricity production capacity to 30 gigawatts by 2030 from 18 gigawatts now and will boost the portion of solar plants it operates, it said in a statement.
Taqa, as the company is known, will invest 40 billion dirhams ($10.9 billion) in transmission and distribution assets in the Gulf country, it said.
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